Archive: July 22, 2007 - July 28, 2007

Former Time Inc. Editor Discusses Media Trends

Former Time Inc. editor-in-chief Norman Pearlstine -- now a senior advisor to the Carlyle Group -- discussed media industry trends at a luncheon Thursday hosted by the Potomac Officers Club at the Ritz-Carlton Hotel in Tysons Corner. Staff writer Thomas Heath was there and provided this excerpt: "... On the...

By Mike Shepard | July 28, 2007; 3:00 PM ET | Comments (3)

MicroStrategy's Bottom Line

MicroStrategy's latest earnings report gives new meaning to the term "bottom line." How much money a company made or lost -- typically the bottom line on an income statement -- is often considered the most important fact in a quarterly earnings report. As a result, it commonly dominates the headlines...

By Dan Beyers | July 27, 2007; 5:40 PM ET | Comments (0)

Judge Tries To End WR Grace Stalemate

WR Grace's long-running bankruptcy case is about to get interesting. A bankruptcy judge on Thursday cut off the Columbia company's exclusive control of the bankruptcy case, opening up the possibility of competing Chapter 11 proposals for the specialty chemical conglomerate. In a three-page order, Judge Judith Fitzgerald of the U.S....

By Dan Beyers | July 27, 2007; 6:03 AM ET | Comments (1)

Early Briefing 07.27.07

District-based XM's second-quarter loss narrowed, and it added subscribers, finishing the period with 8.25 million of them. XM said its loss was $175.7 million (57 cents a share), compared with a loss of $231.7 million (87 cents) in the second quarter last year. Revenue rose to $277 million from $228...

By Terri Rupar | July 27, 2007; 5:00 AM ET | Comments (0)

Trex CEO Steps Down

Anthony J. Cavanna, the chief executive of Trex Co. Inc., out of Winchester, is stepping down Aug. 15. Cavanna, 68, is one of the orginal four executives who formed Trex in 1996 and took it public three years later. He'll be replaced by another of those original executives, Andrew U....

By Dan Beyers | July 26, 2007; 7:05 PM ET | Comments (0)

FBR Agrees to Sell Its Subprime Mortgage Unit

Arlington investment bank Friedman, Billings, Ramsey Group has agreed to sell its struggling subprime mortgage subsidiary to an affiliate of private equity firm Sun Capital Partners, the companies said in a statement today. Under the agreement, Sun Capital will invest $60 million and FBR will put in $15 million to...

By Mike Shepard | July 26, 2007; 12:09 PM ET | Comments (0)

Sprint Teams Up With Google On WiMax

Over at the Post I.T. blog, staff writer Kim Hart reports that Sprint Nextel will be working with Google to bring web search, interactive communications and social networking tools to Sprint's WiMax Internet customers. Together, she says, the companies plan to create a new mobile portal to use with the...

By Dan Beyers | July 26, 2007; 10:21 AM ET | Comments (0)

In-Q-Tel Invests In Digital Video Enhancement

The CIA's Arlington-based venture capital arm has invested in a San Mateo, Calif. company called MotionDSP. The company specializes in software capable of enhancing tens of thousands of user-generated digital videos per day, including those captured by consumer video devices such as mobile phones and webcams. Terms of the investment...

By Dan Beyers | July 26, 2007; 6:40 AM ET | Comments (0)

Early Briefing 07.26.07

General Dynamics of Falls Church said its second-quarter profit fell 19 percent, to $513 million, but profit from continuing operations was up 23 percent, to $518 million. Revenue was up 11 percent, to $6.59 billion. The company also raised its full-year target for earnings from continuing operations to between $4.85...

By Terri Rupar | July 26, 2007; 5:00 AM ET | Comments (0)

Freddie Mac Chief Sees Tough Times Ahead

Staff writer David S. Hilzenrath filed this dispatch from his interview with Freddie Mac CEO Richard F. Syron: The head of Freddie Mac has a bearish outlook for the housing market. "I think on a national level the whole housing market has another year and a half of tough times...

By Dan Beyers | July 25, 2007; 7:16 PM ET | Comments (9)

Sunrise To Explore Sale Of Company

Sunrise Senior Living announced that its board has decided to explore the company's strategic alternatives, including the possible sale of the company. The McLean company has been under pressure from several large investors, some of whom have urged it to change management and consider selling, in order to boost its...

By Dan Beyers | July 25, 2007; 4:42 PM ET | Comments (0)

Thomas Heath On The Radio

Tom talks about a drop in home sales, Boeing's new plane, and other market news with WTWP host Jim Bohannon. Listen here....

By Dan Beyers | July 25, 2007; 4:33 PM ET | Comments (0)

Exec Changes at Millenium Bank

Reston's Millennium Bankshares Corp announced that Richard I. Linhart took over as president and chief executive on July 18 He succeed Carroll Markley who founded the bank in 1998 and retired in March. Linhart, who co-founded James Monroe Bank and was a senior executive there until it was bought by...

By Dan Beyers | July 25, 2007; 2:08 PM ET | Comments (0)

Private Equity Firm Buys PRA International

PRA International, a clinical research company based in Reston, said it has agreed to be bought by private equity firm Genstar Capital in a deal valued at $790 million. Under the terms of the agreement, PRA stockholders will be entitled to receive $30.50 in cash for each share of PRA...

By Dan Beyers | July 25, 2007; 6:48 AM ET | Comments (0)

Legg's Bill Miller Still Chasing S&P

The WSJ reports (subscription required) that investors pulled $7 billion from Legg Mason's stock funds in the quarter, "mostly in response to lagging performance among some of its funds -- including its best-known offering, Legg Mason Value Trust, run by star manager Bill Miller." Legg Mason's Bill Miller Miller's long...

By Dan Beyers | July 25, 2007; 6:25 AM ET | Comments (0)

The Morning Brief 07.25.07

The lazy days of summer may be here but that hasn't stopped the deal making. Here's some of the local business stories in today's paper: * A Silver Spring company announced plans to build a $400 million natural gas-fired power plant in Charles County, big enough to supply electricity to...

By Dan Beyers | July 25, 2007; 6:02 AM ET | Comments (0)

Washington City Paper Gets New Owners

Staff writer Frank Ahrens filed this report for tomorrow's paper: The Washington City Paper has been sold to a Tampa-based group of alternative weeklies. Creative Loafing Inc, which owns newspapers in Tampa, Atlanta, Charlotte and Sarasota, Fla., and bills itself as "shelter from the mainstream," bought the City Paper and...

By Dan Beyers | July 24, 2007; 6:40 PM ET | Comments (1)

XM's CEO To Step Down

XM founder Hugh Panero will be leaving the Washington satellite radio company in August. XM's Hugh Panero. (Katherine Frey - The Washington Post) The news comes as XM is seeking to win regulatory and shareholder approval of its merger with Sirius satellite radio out of New York. Sirius chief executive...

By Dan Beyers | July 24, 2007; 4:37 PM ET | Comments (22)

Thomas Heath On The Radio

Tom talks about a dip in stocks following some disappointing earnings reports. This is market ping-pong. Listen here....

By Dan Beyers | July 24, 2007; 4:36 PM ET | Comments (0)

Lockheed's Earnings Up 34 Percent

From the Associated Press: Lockheed Martin Corp., the world's largest defense contractor, said Tuesday that second quarter earnings rose 34 percent on higher sales across most of its businesses, including fighter jets, missile defense and information technology. Lockheed also raised its 2007 forecast. The Bethesda company said it earned $778...

By Dan Beyers | July 24, 2007; 8:16 AM ET | Comments (0)

Republic Property Trust To Be Sold

Republic Property Trust, the District real estate company embroiled in a long-running dispute with its founder and president, announced that it reached agreement to merge with Liberty Property Trust in a deal valued at $850 million. Under the terms of the agreement, Liberty will acquire all of Republic's outstanding common...

By Dan Beyers | July 24, 2007; 7:49 AM ET | Comments (1)

Rough Ride For Lockheed's Presidential Helicopter

The WSJ takes a look (subscription required) at Lockheed's effort to replace the government's fleet of presidential helicopters and finds what one expert calls a "a classic case of mission creep." The Navy has added so many bells and whistles since the contract was first let that the future Marine...

By Dan Beyers | July 24, 2007; 7:32 AM ET | Comments (11)

Early Briefing 07.25.07

XM of the District and Sirius, the two satellite radio companies, may not be big players in the media world. But their desire to merge is bringing out some big bucks. See story AOL of Dulles, as part of its push into the online advertising world, agreed to buy Tacoda,...

By Terri Rupar | July 24, 2007; 5:00 AM ET | Comments (0)

Early Briefing 7.24.07

Mel Karmazin said that a merged Sirius and XM, based in the District, would offer an a la carte pricing plan. Opponents have said the deal would lead to higher prices. See story Sam Diaz blogged on the topic over at Post I.T. See entry Alumni of Carlyle Group of...

By Terri Rupar | July 24, 2007; 5:00 AM ET | Comments (0)

Thomas Heath On The Radio

Tom talks big pharma, oil drilling and negotiations over the Wall Street Journal with WTWP host Jim Bohannon. Listen here....

By Dan Beyers | July 23, 2007; 4:51 PM ET | Comments (0)

Carlyle Buys Four Hotels

The Carlyle Group continues its role as the Energizer Bunny of global private equity with yet another acquisition - an 892-room portfolio of hotel properties in northern California. The four-hotel acquisition includes the 309-room Crowne Plaza Hotel at the San Francisco International Airport; the 230-room Holiday Inn in northeast Sacramento;...

By Dan Beyers | July 23, 2007; 3:43 PM ET | Comments (0)

O'Brien To Lead Sandy Spring's Potomac Division

Sandy Spring Bancorp of Olney says Joseph J. O'Brien Jr. will take over as executive vice president for the Potomac bank division when Larry Warren, former CEO of Potomac Bank of Virginia, retires at year end. A resident of Clifton, O'Brien will be located at the Fairfax Office of the...

By Dan Beyers | July 23, 2007; 12:50 PM ET | Comments (1)

ICF Wins Contract For Work On Climate Change

Fairfax's ICF International says it has won a new "Indefinite Delivery/Indefinite Quantity" contract with the Environmental Protection Agency valued up to $37 million over five years. Under the contract, ICF will provide technical and outreach support services to the EPA for domestic and global climate change initiatives....

By Dan Beyers | July 23, 2007; 7:43 AM ET | Comments (0)

The Morning Brief 07.23.07

It's WashBiz Monday. Here's some of the local business stories in today's paper. * Creative Class guru Richard Florida has left George Mason U. * Leasing by defense-related companies shows signs of slowing. * Choice Hotels makes PETA's list of animal-friendly companies. * Not all temporary workers from other countries...

By Dan Beyers | July 23, 2007; 6:16 AM ET | Comments (0)

 
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